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The History of Bimetallism in the United States; Laughlin, J. Laurence
6 paragraphs found.
Part II, Chapter XIII, Continued Fall in the Value of Silver since 1885
II.XIII.35

It remains to be said that no difficulty was experienced in obtaining the required gold. Europe seems to have been preserved from any drain by the conditions which sent gold out of the United States. Von Wieser remarks: "The increase of our gold supply has been achieved without perceptible draft on the stock of other European countries; particularly, the reserves of the great banks of issue have not been trenched upon. The foreign financial world, which at first regarded our purposes with mistrust, now recognizes the skill and discretion of our agents, who leave thus far in no way disturbed the monetary system of Europe.... That which worked for our good still more, and beyond all expectation; was the fact that an unusually abundant supply of gold flowed out from the United States just at the moment when Austria applied herself to procuring a stock of that metal. All the great European banks of issue profited by this opportunity, and we, too, made the most of it. It is in part your republican eagles, stamped with the imperial eagle of Austria or the royal crown of St. Stephan of Hungary, that are just now furnishing the basis of our gold standard." *128 Although the relatively small amount of about $88,000,000 of gold in all has been thus far accumulated by Austria-Hungary—or only about two years' annual product of this country—it is suggestive of the character of our irrational silver legislation that distrust at home has sent our gold abroad to aid the countries of Europe in strengthening their monetary position while weakening our own. *129

Note:
F. von Wieser, "Specie Payments in Austria," "Journal of Political Economy," June, 1893, pp. 397, 398.
Note:
Cf. Von Wieser's counter opinion that the paper had a value independently of any metallic basis, loc. ante cit., pp. 386, 387.
Note:
Von Wieser, loc. ante cit., p. 388.
Note:
V. Wieser, ibid., p. 390.
Note:
Von Wieser, p. 403. This does not include the silver in the hands of the public, nor the subsidiary silver.